To some people of any age, writing a will would need to be justified. The sad fact of life is that death especially by accident, is no respecter of youth. Here then, are seven benefits of setting out one’s wishes.
It eliminates guesswork
Your family wont have to guess or try to articulate what your wishes were, and most of the time it would remove the seeds of family argument. In making a will, your wishes would have been laid out in black and white – no ambiguity, no second guessing – absolute clarity.
Distribute the estate to those you want
Would it go to specific people or causes? The state, the taxman – You decide spell it out.
To ensure your children are cared for
If you dont decide, the state might. Your children could end up being brought up in a manner that does not accord with your wishes and beliefs.
Reduces probate costs
If you died intestate, the distribution of your assets goes through the probate system which is was not designed for speed or customer convenience
You decide who administers your will
A correctly drawn up will would have appointed the appropriate people as administrators and executors. Death and money can bring out the worst in people. A valid will would avoid the mistake of appoint executors on the basis of making the appointees feel valued or important. Appointing the wrong people only leads to greater expense and potential for discord among the potential beneficiaries.
Assists with business planning
If you own a business, a will can help define how your business would be sold, transferred, or dissolved in the event of your death. It can also spell out who would benefit from the future income arising from your business.
Shows you care
It is all very well leaving your worldly goods to your nearest and dearest, just as important, and sometimes even more so is dotting all the ‘i’s and crossing the ‘t’s of your affairs. A correctly drawn up last will and testament would be of great value in reducing the expense and administrative hassles likely to arise on one’s death, if one’s wishes are not laid out in the clear manner afforded.
The Importance Of Making a Will
A will is often the foundation of an estate planning
Making a will puts one in control of who inherits one’s property after death. A legally valid will, being a reflection of one’s personal wishes can help ones loved ones reduce the amount of inheritance tax payable. A personal testament of ones wishes would prevent the distribution of one’s estate according to the laws of intestacy. In our experience, intestacy rules run counter to the final wishes of most people.
In extreme cases, the entire estate may fall to ‘the Crown’ (Government) instead of the people the client actually wishes to benefit.
If you are unmarried, then your partner is not automatically entitled to any of your assets resulting in a potential situation where a bereaved partner may quickly become homeless. The concept of common-law spouse is not recognised in inheritance laws. But even if you are married, then your husband or wife is not automatically entitled to inherit your estate.
By writing a will, the you determine precisely who inherits the property and under what circumstances. Importantly, the client can decide who would handle their affairs after death and who would act as legal guardian to children who might be under the age of 18 who may be left without a surviving parent.
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